Latest news with #SRO760
Business Recorder
08-08-2025
- Business
- Business Recorder
SRO to be reinstated soon, Jam tells APSGJTA
ISLAMABAD: Minister for Commerce, Jam Kamal Khan, on Friday assured the All Pakistan Small Gems Jewellers & Tools Association (APSGJTA) that SRO 760 will be reinstated soon, expressing satisfaction with the arguments presented by industry representatives and exporters. The Ministry of Commerce also held a Zoom meeting with gold exporters, who urged the minister to prioritise the reinstatement of the SRO. Exporters highlighted that their import and re-export consignments have been delayed, with a 50-kg gold consignment currently stuck at the port. The SRO expired on July 8, 2025. 'Buyers of Pakistani exporters are considering legal action against their local partners for failing to meet commitments,' said Shabir Ahmad Awan, Convener of APSGJTA's Export Standing Committee, while speaking to Business Recorder. Both the Commerce minister and secretary Commerce assured exporters that the suspended SRO would be reinstated as soon as possible. However, exporters remain concerned that the matter could once again stall at the Prime Minister's Office (PMO) — as in the past. Earlier, the additional secretary of Commerce had informed the National Assembly Standing Committee on Commerce that a special committee had cleared the matter. However, the PMO returned the proposal for reconsideration. Speaking to Business Recorder, Jawed Hanif Khan, Chairman of the NA Standing Committee on Commerce, said he has convened a meeting on August 18, 2025, to raise the issue once again. 'Officials from the Commerce Ministry gave their word that the matter has been resolved,' he said. The gold jewellery export sector operates under SRO 760(I)/2013, which offers tax exemptions under Clause 6: 'Import duty and taxes on the import of precious metals and gemstones under this order shall be exempt from normal import tariffs and taxes. Import of other raw materials, tools, machinery, and equipment required for the production and export of items shall also be exempt from normal import tariffs and taxes.' However, contrary to this provision, sales tax exemptions are not available across all schemes related to the import of precious metals and associated items. While Customs Duty, Additional Customs Duty, and Withholding Tax are exempt under relevant laws, the Sales Tax Act only provides exemption for gold imported under the Entrustment Scheme (S No 178, Sixth Schedule). Imports under the Self-Consignment Scheme, and other related items, remain subject to the standard 18 percent sales tax. Copyright Business Recorder, 2025
Express Tribune
08-08-2025
- Business
- Express Tribune
Commerce minister backs SRO relief, global exposure
Listen to article Federal Minister for Commerce Jam Kamal Khan has pledged full government support to the gems and jewellery sector to boost non-traditional exports. During a meeting with the All Pakistan Small Gems Jewellers and Training Association (APSGTA), the minister assured policy support and global exposure for the sector. The APSGTA delegation, led by Secretary General Qari Muhammad Ashraf, urged revival of SRO 760 and exclusion from SRO 924, citing strong compliance over four years. According to a statement released Thursday, the minister called the sector vital for export diversification. He stressed the need for balanced reforms, ease of doing business, and wider access for small exporters and artisans. He praised APSGTA's engagement and said the ministry will forward its recommendations to the Prime Minister's Office for action. To boost global visibility, he directed officials to ensure the sector's participation in international forums in France, Bangladesh, and Ethiopia. Khan also underlined the importance of public-private collaboration, skill development, and market linkages, especially for women entrepreneurs and artisans in underserved areas. He reaffirmed the government's commitment to strategic measures aimed at unlocking the sector's export and employment potential.
Hans India
09-05-2025
- Business
- Hans India
Pakistan stock index nosedives by over 6%
Karachi: The Pakistan Stock Exchange plunged by over 6 per cent on Thursday with trading halted for an hour after rumours of escalation in military action by India near Karachi. Although the rumours were unfounded, the benchmark KSE100 index tumbled 6,948.73 points, or 6.32 per cent, to 1,03,060.30, before the trading was halted. Trading resumed with Fatima Bucha of AKD Securities confirming the situation on the floor had calmed down a bit. 'But the situation could get worse as investors are panicking due to the geopolitical situation,' she said. 'No one is sure what is going to happen and how and if Pakistan will respond to India's aggression.' The downward trajectory of the index was largely driven by negative contributions from key stocks such as cement, energy, bank, and technology, which collectively dragged the index down. Meanwhile the government has taken measures to keep its foreign exchange reserves stabilised. It has imposed a 60-day ban on importing and exporting precious metals, jewellery, and gemstones from Thursday. The temporary ban was imposed by a Commerce Ministry Order suspending SRO760 of 2013, which governs the trade of precious metals.
